A US employee used to receive $45,000 yearly income in 1990. For this employee to maintain his same standard of living, his salary was increased to $180,000 in 2016 with the current price level of 102.5. What was the price level in 1990? Select one: a. 34.525 b. 23.235 С. 31.425 d. None of the answers are correct e. 25.625

A US employee used to receive $45,000 yearly income in 1990. For this employee to maintain his same standard of living, his salary was increased to $180,000 in 2016 with the current price level of 102.5. What was the price level in 1990? Select one: a. 34.525 b. 23.235 С. 31.425 d. None of the answers are correct e. 25.625

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

David earned a salary of $43,500$43,500 in 1994 and $89,000$89,000 in 2010. The consumer price index was 148.2 in 1994 and 215.3 in 2010. David's 1994 salary in 2010 dollars is _.
A US employee used to receive $45,000 yearly income in 1990. For this employee to maintain his same standard of living, his salary was increased to $180,000 in 2016 with the current price level of 102.5. What was the price level in 1990? Select one: a. 31.425 b. 34.525 C. None of the answers are correct d. 25.625 e. 23.235
Please explain this correctly I upvote Not copy paste. Q) Would you rather live in the U.S. in 1900 with an income of $1 million per year, or in the U.S. in 2020 with an income of $50,000 per year (assume we've accounted for inflation and the incomes for both years are measures in 2020 dollars)? Explain.
QUESTION 19 In an imaginary economy, consumers buy only sandwiches and hamburgers. The typical consumer consumes 10 sandwiches and 6 hamburgers. A sandwich cost $3 in 2020 and $5.40 in 2021. A hamburger cost $5 in 2020 and $6 in 2021. Which of the following statements is correct? When 2007 is chosen as the base year, the inflation rate is 50 percent in 2007 O When 2006 is chosen as the base year, the consumer price index is 90 in 2007. O When 2006 is chosen as the base year, the inflation rate is 150 percent in 2007. When 2006 is chosen as the base year, the inflation rate is 5 percent in 2007 When 2007 is chosen as the base year, the consumer price index is 100 in 2006. O O
The marginal product of labor (measured in units of output) for a certain firm is: MPN = A(100-N), where A measures productivity and N is the number of labor hours used in production. The price of output is $2 per unit. (Round all answers to two decimal places.) If A = 1 and the nominal wage is $80, the quantity of labor demanded will be 60 If A = 1 and the nominal wage is $100, the quantity of labor demanded will be 50 Assume that A is equal to 1. Using the line drawing tool, draw the labor demand curve from 0 to 100 units of labor. Properly label this line. Carefully follow the instructions above, and only draw the required objects. If A = 1, the price of output is $4, and the supply of labor is fixed at 85, the equilibrium real wage is 15, and the equilibrium nominal wage is $60. C Real Wage, W/P 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 (10,0) 0 10 20 30 40 50 60 70 80 90 100 110 120 Labor, N ON
please see attachment
Britney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 1 Year 2 5 Baseball Tickets $500 $560 Jersey $120 $150 Food $150 $160 Transport $60 $70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. Question 3 options: 88, 100 88, 113 100, 113 100, 88
Britney is a baseball fan and attends several games per season. Her expenses per season are listed in the table below: Year 2 Year 1 5 Baseball $500$560 Tickets Jersey $120 $150 $150 $160 Food Transport $60 S$70 Assuming that year 1 is the base year, calculate the price index for year 1 and for year 2. 100, 113 100, 88 88, 113 88, 100
Hi, Please help me with this Econ problem. Thank you!
If next year’s aggregate price level is $4, what must their wage be next year so that the workers have a real wage that is 50% greater?
The New York Times newspaper cost $0.15 in 1970 and $0.75 in 2000. The average wage in manufacturing was $3.23 per hour in 1970 and $14.32 in 2000. Given what you know about the increases in the price of the newspaper and wages, what does this tell you about workers’ well-being (as measured by standard of living or purchasing power)?
Suppose the price level reflects the number of dollars needed to buy a basket of goods containing one cup of coffee, one donut, and one newspaper. In year one, the basket costs $6.00. In year two, the price of the same basket is $7.00. From year one to year two, there is at an annual rate of . In year one, $12.00 will buy baskets, and in year two, $12.00 will buy baskets. This example illustrates that, as the price level rises, the value of money .